I attended a great webinar recently by Dan Sullivan of The Strategic Coach.
One of the obstacles to success he has observed in entrepreneurs is what he calls their trait of “rugged individualism”. This is the entrepreneurs tendency to do almost everything themselves.
He had a great example of how this can work against you at some point. If you go skydiving, you want and need a parachute (two in fact). It will help you get to the ground safely.
But after you get to the ground, you need to take the parachute off or it will slow you down. You don’t need to drag it around with you after you safely touch down on the ground.
Many entrepreneurs are, in effect, leaving their parachute on even after it has served its purpose.
Winning is a team effort
Rugged individualism will help get your business up and running in the early stages.
After that, you need to transition your focus into those areas where you have unique abilities. Then delegate to those who have strengths in the areas you don’t (especially when one of those areas is the accounting and financial reporting function in your company).
That’s where a seasoned CFO can make a big impact on your quest to win in business.
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